Expdonaloaded News; Dangote Group & 6 Foreign Companies to Begin Mining Coal, Gold and other Minerals this Year

Aliko Dangote - Bloomberg Billionaires Index - January 2014 - BellaNaija The Nigeria Mining Cadastre Office (MCO) says that Dangote Group and six foreign companies are currently raising funds from the capital market to begin full-scale mining this year. Mohammed Amate, the Director-General of the office, in an interview with the News Agency of Nigeria (NAN) in Abuja listed the minerals as gold, coal, iron-ore and lead/zinc. He said it had become imperative for the Dangote Group and foreign companies to raise funds from the capital market for the mining since the projects are capital-intensive.
Amate named the foreign companies as Kogi Mines Ltd, Segilola Nig. Ltd, Mines Geotechniques Nig. Ltd, Northern Numero Resources Ltd, West African Polaris Investment Ltd as well as Tongyi allied and Mineral Services Ltd. He said that the companies had completed their exploration exercises and delineated the deposits, while obtaining mining leases (licences) to mine gold and other minerals in the country this year. “Indeed, according to the reports we have received, most of the companies have commenced development and this will eventually lead to actual mining. No financial institution will be willing to fund any mining operation until the company carries out adequate bankable feasibility studies, under Joint Ore Reserve Committee specifications recognised internationally,” he said. He said Kogi Mines, an Australian mining firm, would mine iron at Agbaja in Kogi, while Segilola Nig. Ltd would mine gold at the Iperindo axis of the IIesha gold schist belt in Osun. Geotechniques Nig. Ltd and Northern Numero Resources Ltd, both Australian companies, would mine gold in Kebbi, while Dangote Group would mine coal in Kogi and Benue states. The West African Polaris Investment Ltd, a Chinese company, will mine tin and columbite in Nasarawa state and the Tongyi allied and Mineral Services Ltd, another Chinese company, will mine lead/zinc in Wasa, Plateau state.

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